Zcash Jumps 73% in a Month as Some See a Standalone Bull Market

Privacy coin Zcash (ZEC) has extended its rally despite broader market weakness, fueling expectations of further gains.

Cointelegraph reported on May 19 that Zcash rose 18% over the past three days, while the broader cryptocurrency market fell 3.45% during the same period.

Some in the market say Zcash is effectively in a "standalone bull market."

Technically, analysts are pointing to the formation of a bullish cup-and-handle pattern. Zcash is attempting to break above the $625 to $650 range, and if the pattern is completed, the token could climb to $1,091 between June and July. That would represent roughly 88% upside from current levels.

Zcash has gained more than 73% over the past month, leading the advance in privacy coins. Other privacy tokens, including Monero (XMR) and Dash (DASH), also rose over the same period, but the total cryptocurrency market capitalization increased only about 0.2%.

Cointelegraph said rising interest in financial privacy and anonymity has been driving demand for Zcash.

Market sentiment strengthened further after comments last week from BitMEX co-founder Arthur Hayes. He said Zcash's market capitalization could eventually reach 10% of Bitcoin's.

Based on the current circulating supply, that would translate into a Zcash price of about $9,225.

Other factors cited as supporting the recent rally include Multicoin Capital's disclosure of its Zcash investment and Zcash's listing on Robinhood.